ASIC consults on new guidelines for credit advertisements
Peter Kell
ASIC has released a consultation paper about credit advertising to promote good practice.
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Credit
Peter Kell
Financial Exclusion in Australia Increases
New report by the Centre for Social Impact finds nearly 3 million Australians are excluded from financial services.
Read More Financial Exclusion in Australia Increases
Qantas takes $100m extra in surcharges – CHOICE
CHOICE estimates Qantas collects at least $204 million in payment surcharges yearly.
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Payday lender’s advertising potentially misleading or in breach of consumer credit laws
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A Money3 advertisement boasting that no loan application will be refused has raised the ire of Consumer Action which has asked the ASIC to investigate.
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Linked credit case could cast doubt on more NAB student loans
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The Consumer Action Law Centre has lodged a complaint with the Financial Ombudsman Service against the NAB and is seeking to have its client’s NAB student loan terminated.
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Memo to the big four banks – pass it on
CHOICE says interest rate response will be a true test of competition in Australian banking as the big four banks have the capacity to pass on this week’s RBA interest rate cut in full.
Read More Memo to the big four banks – pass it on
95,000 credit card chargeback requests per month
A review of credit card chargebacks by Australia banks has found low levels of complaint but some areas for improvement.
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Bank customer profiling identifies consumer vulnerabilities: report
Recognising that lenders combine customer information and sophisticated systems to target customers is an important first step towards ensuring that these practices are taken into account in developing consumer policy.
Read More Bank customer profiling identifies consumer vulnerabilities: report
ASIC concerns lead to HSBC to change home loan advertising
HSBC Bank Australia has changed the advertising for its current ‘Let’s Bankercise’ campaign, in response to ASIC concerns that ads promoting a home loan discount were potentially misleading.
Read More ASIC concerns lead to HSBC to change home loan advertising
ASIC releases first six-monthly enforcement report
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The report outlines categories of gatekeepers against whom ASIC has taken action including financial advisers, responsible entities, credit licensees, market participants, directors, company officers, insolvency practitioners and auditors. It includes detailed statistics over a six month period.
Read More ASIC releases first six-monthly enforcement report
Government to backflip on payday lending law reforms?
Is the Commonwealth about to further weaken payday lending laws under pressure from industry? Gerard Brody of Consumer Action Law Centre reviews the arguments. He says interest rates of 288% will not put any pressure on the payday industry to change their harmful practices.
Read More Government to backflip on payday lending law reforms?
Stick with Reform of Payday Lending say Financial Counsellors
Financial counsellors are alarmed that proposed changes will double the amount that lenders can charge vulnerable
consumers for short?term loans.